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Best Buy CEO Brian Dunn resigns from struggling electronics firm

Los Angeles Times - Apr 10, 2012

Best Buy Co.’s Chief Executive Brian Dunn has resigned from the struggling electronics giant, the company said Tuesday.

There was no bad blood affecting the decision, according to Best Buy, “no disagreements … on any matter relating to operations, financial controls, policies or procedures.” Instead, Dunn’s departure was part of a “mutual agreement” of the necessity “to address the challenges that face the company.”

While Best Buy looks for Dunn’s permanent replacement, board member G. Mike Mikan will take over as interim chief executive. Dunn had spent 28 years with the company.

The retailer is in revamp mode as it tries to claw back customers wandering over to competitors such as Amazon.com. Its holiday season sales were less than spectacular.

Last month, Best Buy said it planned to shake up its model, closing 50 of its big box superstores and shrinking the size of others. Space in some of its 1,400 U.S. stores will be walled out and sublet to smaller retailers.

Read Full Article from Los Angeles Times

- Posted: 2012-04-10 10:28:16

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